The Supreme Court has granted permission to the Election Commission of India to access the data of electoral bonds held by the State Bank of India. However, the Court has also issued a notice to the SBI to determine whether the unique bond numbers should be disclosed to the public. This comes after a petition was filed urging for the bond numbers to be made public in order to reveal the donors behind political parties.
Electoral Bond Data Access Granted: A Glimpse into Political Funding
Background:
Electoral bonds are negotiable financial instruments introduced by the Indian government in 2017 to make political donations more transparent. These bonds can be purchased from specified branches of State Bank of India (SBI) by anonymous donors and then donated to political parties. The objective was to reduce the influence of black money in political funding.
Supreme Court's Decision:
On January 18, 2023, the Supreme Court granted permission to the Election Commission of India (ECI) to access the data of electoral bonds held by SBI. However, the Court has also issued a notice to SBI to determine whether the unique bond numbers should be disclosed to the public.
This decision came in response to a petition filed by the Association for Democratic Reforms (ADR), which argued that making the bond numbers public would enhance transparency and accountability in political funding. The government has opposed the disclosure, citing concerns about the privacy of donors.
Significance:
The Supreme Court's decision is a significant step towards increasing transparency in political funding. The ECI will now have access to detailed data on the amounts donated, the parties that received the donations, and the banks through which they were transacted. This information can help identify potential instances of undisclosed donations or other irregularities.
Top 5 FAQs:
1. What are electoral bonds? Electoral bonds are negotiable financial instruments that can be purchased by anonymous donors and donated to political parties.
2. Why were they introduced? To reduce the influence of black money in political funding and increase transparency.
3. Can anyone purchase electoral bonds? Only individuals or corporates who are eligible to make donations to political parties under Indian law can purchase electoral bonds.
4. Why is the Supreme Court reviewing the data access? To determine whether the unique bond numbers should be disclosed to the public, which would increase transparency but potentially compromise donor privacy.
5. What are the concerns raised by the government? The government argues that disclosing bond numbers could violate the privacy of donors and discourage future donations.
Conclusion:
The Supreme Court's decision to grant the ECI access to electoral bond data is a positive development in the fight against electoral corruption. The disclosure of bond numbers, if approved by the Court, would further enhance transparency and the accountability of political parties. As the case progresses, it will be important to balance the need for financial transparency with the privacy concerns of donors.
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